Seattle, WA

Boeing says it may raise $25 billion as Seattle strike bites – DW – 10/16/2024

Published

3 months ago

October 15, 2024

Boeing says it may raise billion as Seattle strike bites – DW – 10/16/2024

Boeing indicated on Tuesday that it could raise up to $25 billion (€23 billion) including by issuing and selling new shares to aid its ailing balance sheet after years of heavy losses, while factory workers of the US planemaker continue to strike, demanding a better salary.

Boeing said in back-to-back regulatory filings that it could raise the funds over the next three years and enter into a fresh agreement with lenders.

Years in the making

The planemaker hasn’t made an annual profit since 2018, losing more than $25 billion in total over the years that have followed.

Boeing’s reputation has been severely hit over that period which has seen two 737 Max jets crashing, killing 346 people.

Boeing 737 Max incident could have been ‘much more tragic’

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Finances for the planemaker are currently under even more strain as a strike by workers who build most of its airline jets goes into its second month. The industrial action has deepened Boeing’s cashflow issues, slowing production and delivery.

Factory workers held a large rally in Seattle on Tuesday to demand better wages, adding pressure on new CEO Kelly Ortberg to end the dispute.

Hundreds of workers were in the main hall at union headquarters chanting “Pension! Pension! Pension!” and “One day longer, one day stronger!”

Boeing is cutting around 10% of its workforce — or 17,000 people — “over the coming months,” and postponing the launch of its first 777X jetliner. But factory workers in Seattle remained undeterred on Tuesday, as they continued to fight for higher wages and improved pensions.

A sign saying "Pension" is held above the crowd during a rally by Boeing machinists, labor allies and elected officials in Seattle at their union hall — Improved pensions was on the agenda of Boeing machinists, labor allies and elected officials in Seattle at their union hallImage: Manuel Valdes/AP/picture alliance

Around 33,000 West Coast workers, most in Washington state, have been on strike since September 13, calling for a 40% salary increase spread over four years.

The strike has halted production of Boeing’s best-selling 737 MAX and its 767 and 777 twin-aisle aircraft. The company is typically paid on delivery with its orders from airlines, hence the additional short-term cashflow strain.

Boeing made an offer to raise hourly wages for striking workers by 30% but union negotiators rejected it, saying it “did not go far enough” to address concerns, and that the planemaker “has missed the mark with this proposal.”

Now entering its second month, the strike has no end in sight and has only added to the company’s litany of problems.

As a result of the action, Boeing has said it is pushing back first delivery of the 777X to 2026 from 2025. The plane was originally supposed to enter service in January 2020.

Union leaders at a rally in Seattle to demand better working conditions — Union leaders attended a rally in Seattle as the strike entered its second monthImage: Manuel Valdes/AP/picture alliance

Share price boosted

But the company’s stated contingency plans did improve investor sentiment slightly on Tuesday, as shares of The Boeing Co roseby 2% in afternoon trading.

Boeing’s securities filings indicated that it has the ability to raise funds by offering stocks or debt over the next three years if needed, but also did not commit it to doing anything.

The planemaker said that it entered into a $10 billion supplemental credit agreement with several leading banks to provide short-term liquidity.

American credit assessment agency Fitch Ratings said the announcements increase Boeing’s financial flexibility and ease short-term liquidity fears. Management’s ability to tap capital sources other than debt “will help alleviate downgrade risks” by improving the likelihood of paying off debt that matures in 2025 and 2026, Fitch said.

The news comes as a welcome boost after credit rating agency Standard & Poor’s said last week it was considering cutting Boeing’s credit rating.

Boeing’s troubled Starliner spacecraft returns without crew

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Seattle, WA

Who the Seattle Seahawks will be playing in the 2025 regular season

Published

3 hours ago

January 5, 2025

Press Room

Who the Seattle Seahawks will be playing in the 2025 regular season

The Detroit Lions beat the Minnesota Vikings on Sunday Night Football to wrap up the NFC North and the No. 1 overall seed. It also means that the Vikings will not only be on the road as a 14-3 team playing in the Wild Card against the Los Angeles Rams next Monday night, but they’ll be returning to Lumen Field to play the Seattle Seahawks in the 2025 regular season.

Game 272 was the final piece of the puzzle for the Seahawks’ 2025 opponents list. Whichever of the Vikings or Lions finished second in the NFC North would be headed to Seattle next season. While it would’ve been cool to see the Lions finally play at Lumen Field again after three straight Seahawks-Lions meetings in Detroit, it’s not happening.

The schedule is formulaic, which means the NFC West will play the whole of the AFC and NFC South, as well as the same-placed opposition from the NFC North (home), NFC East (away), and AFC North (away). Next season will be the AFC’s turn to get an extra home game, so the Seahawks will have nine away trips.

Home

Los Angeles Rams (10-7)

Arizona Cardinals (8-9)

San Francisco 49ers (6-11)

New Orleans Saints (5-12)

Tampa Bay Buccaneers (10-7)

Indianapolis Colts (8-9)

Houston Texans (10-7)

Minnesota Vikings (14-3)

Away

Los Angeles Rams (10-7)

Arizona Cardinals (8-9)

San Francisco 49ers (6-11)

Tennessee Titans (3-14)

Jacksonville Jaguars (4-13)

Washington Commanders (12-5)

Atlanta Falcons (8-9)

Carolina Panthers (5-12)

Pittsburgh Steelers (10-7)

The early returns on Michael Penix Jr and the late surge by Bryce Young could make the NFC South portion of the schedule much tougher than it looks right now. Never assume the league is so static that the teams that were good/bad now will remain the same the following season.

The NFL regular season schedule will be released at some point in May.

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Seattle, WA

Byron Murphy II Active as Seahawks Wrap Up Season at Rams

Published

11 hours ago

January 5, 2025

Press Room

Byron Murphy II Active as Seahawks Wrap Up Season at Rams

Despite missing practice time this week with a new back injury, after receiving a questionable designation on Friday, Seattle Seahawks rookie Byron Murphy II will be active for the team’s season finale against the Los Angeles Rams.

Selected out of Texas with the 16th overall pick in April’s NFL draft, Murphy will look to finish his first season with the Seahawks on a strong note. Going into Sunday’s finale, he has produced 34 combined tackles, half a sack, and 21 quarterback pressures, playing a key role in helping the team’s run defense improve over the course of the season and providing more of an impact than his general numbers may suggest.

After placing tackle Abraham Lucas and cornerback Josh Jobe on injured reserve on Saturday, Seattle had to deactivate several healthy players for Sunday’s final road contest due to the 46-man limit on game day. Among them, quarterback-turned-receiver John Rhys Plumlee won’t suit up for his NFL debut and receiver Cody White will also be held out as a scratch with Jake Bobo and Dareke Young being active as reserves behind starters DK Metcalf, Tyler Lockett, and Jaxon Smith-Njigba.

In addition, the Seahawks listed Jaren Hall as their emergency quarterback for the third straight game, and he would be eligible to play if Geno Smith and Sam Howell both suffered injuries and could not continue playing on Sunday. Tight end Tyler Mabry also won’t play after being signed back onto the 53-man roster this week.

On defense, with Murphy good to go after testing out the injury in pre-game warmups, Seattle deactivated defensive tackles Quinton Bohanna and Brandon Pili after elevating the former from the practice squad and signing the latter to the 53-man roster earlier in the week. Linebacker Patrick O’Connell also won’t suit up for the finale with special teams ace Josh Ross getting the nod instead behind starters Ernest Jones and Tyrice Knight.

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Seattle, WA

How to watch the Seattle Seahawks vs. Los Angeles Rams – NFL: Week 18 | Channel, stream, preview, predition

Published

18 hours ago

January 5, 2025

Press Room

How to watch the Seattle Seahawks vs. Los Angeles Rams – NFL: Week 18 | Channel, stream, preview, predition

INGLEWOOD, CA — On the final day of the 2024 NFL regular season, the playoff-bound Los Angeles Rams look to keep their standing in the NFC when they face the Seattle Seahawks on Sunday.

Watch the NFL on FuboTV (7-day free trial)

Seattle Seahawks (9-7) vs. Los Angeles Rams (10-6)

When: Sunday, January 5
Time: 4:25 p.m. ET
Where: SoFi Stadium (Inglewood, Calif.)
Channel: FOX
Stream: FuboTV (Free Trial), DirecTV Stream, Sling

The Rams come into this game having already clinched the NFC West championship, their first division title since they won the Super Bowl three years ago. Matthew Stafford company got hot at the right time of the season, winning five straight games to outlast the rest in a jam-packed division race, clinching the title by beating the Arizona Cardinals last Saturday. With wins over the likes of the Buffalo Bills and San Francisco 49ers, the team has confidence in its third playoff appearance in four years.

L.A. does have something to play for on Sunday. If they were to lose on Sunday, and the Tampa Bay Buccaneers were to beat the New Orleans Saints, the Rams would have to play the loser of the Detroit Lions and Minnesota Vikings matchup on Sunday.

The Seahawks were expected, once again, to challenge for the division. However, inconsistency on offense and a defense that let the team down in key moments led them narrowly missing the playoffs for a second straight season. Back-to-back losses to the Green Bay Packers and Vikings ended up costing them their season.

The Rams won the first meeting against the Seahawks this season back in November and have beaten Seattle three straight times.

MY PICK: Rams win, 27-20